Lyons hails “excellent outcome” for Towergate as deal agreed
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Alastair Lyons, chairman of Towergate, has described the joint agreement which sees unsecured creditors take control of the business as "a great outcome to what has been a difficult period for Towergate".
Under the revised plan unsecured creditors will own 80.6% of the business and secured creditors will hold 19.4% of the shares.
Towergate will see its debt reduced by 60% to £380m and receive an injection of £125m.
Confidence
Lyons also defined the new arrangement, after a series of twists and
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